BMG to Pay $300M for Bug Music

BMG Rights Management will pay about $300 million to buy Los Angeles song publisher Bug Music, beating out bidders including American Idol creator Simon Fuller, Reuters reported. Bug Music owns the rights to songs including "What a Wonderful World" and "Under The Boardwalk." The company is currently owned by Spectrum Equity Investors. BMG Rights is a joint venture of giant German media company Bertelsmann and private equity firm KKR.

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